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Beecroft on Yellen's worst nightmare

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A nightmare scenario for Janet Yellen at the Fed would be anaemic growth, disappointing unemployment figures and low growth, according to the Chairman of Saxo Capital Markets, Nick Beecroft. He wonders whether a perfect storm could be brewing in the States following the latest economic data from the country.
A revision of first quarter GDP on Wednesday, to minus 2.9 percent, was a shock although Nick thinks this was an aberration.  He wonders whether the Fed is introducing a surreptitious nominal growth policy, where it's targeting GDP without worrying too much about inflation. Gold rose sharply on bigger CPI inflation data last week and it's unclear exactly where we're heading next.